Jordan 30-year deal moves up in secondary; planned Abu Ahabi tranches add in gray market

By Rebecca Melvin

New York, Oct. 3 – The Middle East region remained in focus in emerging markets on Tuesday. Jordan’s newly priced 7 3/8% notes due 2047 traded up smartly upon release for secondary market action after the sovereign priced $1 billion of the 30-year senior unsecured bonds.

The Jordan 2047 notes traded up to 101 with plenty of support, a London-based trader said.

But the existing Jordan 2026 notes and 2027 notes came off.

Meanwhile the three planned tranches of Abu Dhabi traded up in the gray market ahead of pricing of that $10 billion of paper that is likely to be the centerpiece of trade on Wednesday.

Bahrain bonds were pulled higher into the close, with those spreads tightening by 10 basis points at the long end of the curve, while middle term notes due 2026, 2028 and 2029 were in by 4 to 6 bps.

Overall it was a “very busy session again,” the trader said.

Elsewhere, Brazil launched and priced $1.5 billion of 4 5/8% 10-year bonds at 99.603 to yield 4.675%, or Treasuries plus 235 bps, on Tuesday, according to a market source.

Among Brazilian corporates, Aegea Saneamento priced its first bond for $400 million of 5¾% seven-year notes.

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